Synthetix – Understanding Why SNX Soared 130% to Hit a 10-Month High

Key Takeaways

Why has Synthetix recovered so shortly?

The thrill surrounding a buying and selling competitors with a $1 million prime prize previous to the launch of the perpetual DEX boosted demand for SNX.

Ought to merchants count on the bullish transfer to proceed?

The $2.27 and $3.68 zones restrict upward stress. Revenue taking above $2 is sensible; a dip to $1.4 is just not assured.

Artificial [SNX] witnessed a 130% worth enhance within the 24 hours earlier than the time of writing. Every day buying and selling quantity was up 1,632%, reaching $999.57 million on the time of writing.

The rally adopted broader market destruction, but SNX confirmed robust bullish conviction within the spot and derivatives markets.

Open Curiosity on the time of writing was up 316% in 24 hours, once more indicating robust bullish sentiment within the quick time period. Merchants have cause to be enthusiastic about Synthetix.

In the meantime, the momentum from Synthetix’s newest announcement added gasoline to the rally.

$1 million competitors catches retailers’ consideration

Artificial attached to X that the Mainnet Buying and selling Competitors will begin on Ethereum on October 20 [ETH]with a prize pool of $1 million.

The highest pre-depositors of sUSD and sUSDe, together with the 5 lottery winners, earn a spot on the whitelist. This might increase current demand for SNX because the token must be staked with the intention to earn the sUSD.

The 25% retracement after the buying and selling competitors announcement on October 2 was a wholesome reset that allowed the value to interrupt previous key ranges.

The volatility of October 10 was additionally intense for Synthetix, however was shortly shrugged off.

How excessive can the Synthetix rally go?

Supply: SNX/USDT on TradingView

The weekly chart confirmed a bullish construction. The transfer previous $0.783 modified the construction, and the break of $0.965 strengthened the patrons’ power.

These had been the important thing weekly resistances from earlier in 2025.

With the speedy rally, we noticed the decentralized protocol token attain the following weekly resistance at $2.27.

Furthermore, the 50-period shifting common acted as help, and the psychological degree of $2 stays essential.

Overbought and but dominant

Supply: SNX/USDT on TradingView

On the 4-hour chart, the value has left a big hole in honest worth (white) from $1.31 to $1.63. The breaker block at $1.4 additionally highlighted the extent as a key help that would supply a superb shopping for alternative in case of a retracement.

The OBV has risen quickly resulting from excessive buying and selling quantity and bullish classes. The RSI stood at 84, effectively into overbought territory.

The $2.27 degree was a key HTF resistance. Bitcoin [BTC] additionally could not climb previous $117,000 on the time of writing.

These two components allowed SNX merchants to attempt to take earnings round $2-$2.2 and watch for the following transfer to develop.

Disclaimer: The data introduced doesn’t represent monetary recommendation, funding recommendation, buying and selling recommendation or every other type of recommendation and is solely the opinion of the author